Dealing with property managment

[Michael Meza]

I told some of of the others on here I would let them know how it went using a VA loan for a multi family. I closed on the 2 houses using the VA loan and now i'm trying to get the one im renting from property management. They told me I needed to give notice, however I have not been able to get ahold of them for a few weeks now and when I do they say I have to wait till the manager is back. The manager is currently on medical leave and they won't be able to give me any information on my house.

My question here is, in medford oregon, what kind of notice do I have to give to let them know I will be managing it myself?

What do I have to look for when dealing with property management? 

Will I receive rent for this month being I just purchased this home this month?

[Lawrence Potts]

I’m not a property manager, but my assumption is that they will prorate the rest of the month to you that was paid for. So if rent is $3,000/month and you close on the property on the 20th, they will prorate you the 10 days you own it ($1,000). It should be held in some account. You should also verify if there's a security deposit that needs to be transferred to you as well.

As far as notices go, there should be a signed PMA (property management agreement) that may disclose how to go about and how soon you need to send notice. Maybe reach out to another property management company and see what they require? Or ask an attorney to draft something official if necessary. I don't think there's any state or city regulations but it's strictly between you and the property management company. But I think you can terminate at anytime for any reason. You're paying them for a service, it's your property. 

I don't believe there's any recourse. The fact that you probably don't have a signed PMA with them should indicate that you are not working with them. However, when you purchased the property, you should have signed something or discussed with your agent and the listing agent about how the property is to be managed, if the signed PMA with the original owner transfers to you, who get's what in rent, etc., all of the logistics to this. I would look back on your PSA (purchase sale agreement) as well and check it out or talk to the agent you used. In all honesty though, you don't have a signed PMA with them, so you don't need permission to take it back. They may not be able to execute your request though because the manager may be the only licensed individual for the business and legally no one else can perform those duties.

Let us know how it goes! Hope that helps you out.

[Drew Sygit]

@Michael Meza what does your management contract state about termination?